Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-06-16
kilograms to The Star.
CHICAGO KEPT IN SUSPENSE.
Uncertainty as to the Fate of Kershaw
QUEEN VICTORIA GROWS NERVOUS
JUBILEE RACING YACHTS IN A HAZE.
Boston's Welcome to Confederate Veterans.
THE SUSPENSE NOT OVER.

THE SUSPENSE NOT OVER.
Still Uncertain in Chicago How the
Wheat Clique's Troubles will End.
CHICAGO, June 16.-C. j. Kershaw Co. will says
a local paper, meet all demands for margins made
upon them to-day, notwithstanding their failure
to go through the clearing-h house yesterday. The
money is in the American Exchange National
Bank to their credit, and will be checked against
as fast as demands are presented, so that II the
stability OF the market is dependent upon that
violent fluctuations can be expected to-day. The
announcement Of the firms complete solvency
comes IN an of1iciai way, and from sources that
cannot be questioned, although permission to use
names Is denied.
A STATEMENT AS TO KERsHAw's CONDITION.
The statement is as follows: &C. j. Kershaw &
co. received large sum OF money yesterday morn
Ing, and as soon as business opened up began
meeting the demands made upon them. They
paid out several hundred thousand dollars and eX-
pected to liquidate every dollar OF Indebtedness,
but shortly before noon saw that they would be
compelled to let another night go before they
paid out any more, knowing, too, that 1t would
standing that they would not have TO throw up
the sponge. The firm has positive assurances OF
ample backing to-day. The report that Rosenfeld
began suit against Kershaw is a mistake. The
rumor DOUBTLESS grew out of the fact that Lind
bloom began suit and garniSheed the bank (the
American M can Exchange Nationap, laying his damages
at 1000. although 1t only involves check for
$4,000 ROSenfeld has commenced suit against
wiltshire Eckert, but he has not garnisheed the
bank. The bank is not connected with the suit,
neither Is Mr. Kershaw or his firm"
This statement means great deal to the trade
IN several respects In the first place. 1t is In the
nature OF promise that the demands, approxima-
ting $500 600, which will be made upon the firm
to-day will be paid in FULL $500, 600 having been
paid yesterday. This Will tide over the large num-
Der OF small houses which are now hanging in the
balance, and by permitting them to make their
settlements In full will at once relieve the tension
and go long way toward restoring confidence in
the trade and determining the Stability OF the
market. 1t will certainly relieve the suspense OF
the firms creditors, all OF whom were dumb
founded yesterday when they learned that the
house mad failed to clear out, as they were led to
expect the contrary from the announcement made
early in the morning.
With reference to the amount of money deposited
yesterday morning and the amount received and
deposited later in the day. or to be deposited this
morning 1t is learned from an authoritative source
that the CtncinnatIans brought $500, 600 with
them, and that $500 600 more will be available to-
day. The total amount $500, 900, it is believed,
will cover all Of kershaw COS, liabilities and
again put the firm On its feet.
THE BANKS THOUGHT TO BE ENTIRELY SAFE.
In general financial circles the second day OF the
panic Was even more quiet and uneventful than
the first. The fact that Chicago banks were solid
was so evident that the boldest OF the numerous
rumor mOngerS could find nothing to work up a
that all the banks have demanded wide margins
on their wheat loans or that the collateral now
held by them is more than sufficient to save them
from losses. This opinion is freely expressed by
all the leading bankers OF the city. The banks
haze mol kept the condttooor their books to them
selves. but have prudently let one another know
just how they stand Said O prominent banker
yesterday, with reference TO bank known to be
carrying u large amount OF wheat: 81 examined a
statement or It's condition, and know that it is all
right. Its affairs have been managed admirably,
and it is now in as sound condition as any de-
positOr or director could desire know, too, that
the other banks are all in safe condition"
All that the h0a ri 0f trade ask Of fha
BANKS Is that they do not ask Tor more colaterals
II they DO the grain men look for panic Of the
worst kind. They believe, however, that the banks
have margin enough to protect them, and will be
wise and not make further demands.
A notice was posted up in the window or Ker-
shaw Co.'S Office this morning stating that the
firm expected to pay all differences to-day. When
the market opened at $3.50 O'Clock the first sales
were at n cents for June and 73 cents for July.
The latter then sold down to 72A cents but
quickly went up to 73s cents and at 9:3S a. m. is
FIFTEEN FAILURES YESTERDAY.
The failures OF yesterday numbered fifteen. They
Crosby Co., $4,000; d. x. Matthews, 100000;
J. A. Edwards q Co.. $4,000; NJ. B. Crafts & Co.,
co. s s. EdPsass sG Co.
Gregg, Son 4 Co., s15, 900; Hord Brothers q Co,
$4,000; 7. +. Balding Co, $4,000; J. H: Yourt
inson CO., $4,000; Yourt & Brearly, s., 600; s. c.
Orr Co., s., 600. Total 1861 600.
Including the failures OF the day before NJ. ROSen
field & Co., Hamtu Brine and E. w. Bailey & Co.
there is total of nineteen with aggregate nabil-
ities. apprOxfmattng 1000, 600. Some OF these
reach fbs,r osde cnStomers While ntbers r
caused by the failure of Rosenfeld Co., and the
suspension OF payments by Kershaw CO. 1t is
said that in the majority OF cases the embarrassed
firms will come out all right as soon as their
trades can be settled, and that in one or two
instances the books will actually snow profits In
addition TO those whose failure was brought about
by either OF the causes given, there are some who
were in the deal on their own responsibility and
simply got caught where they could not help them
selves.
KRRsHAw's STATEMENT UNSATISFACTORY.
The following is the notice in kershaws window
It is in Mi. C. J. Kershaw's handwriting: '.NOth-
lsed by that time positive knowledge whether re-
mittances are on the way, which we are led to
believe will come" The notice has produced an
unIavorable impression. II he cannot meet his
obligations 1t Is considered certain that dozen
brokerage firms will he dragged down to-day. The
shaw CO., yesterday, at the American Exchange
Bank, on which he founded his promise to pay In
full are made public this morniag in semi-offcia
WILTSHIRE DID DEPosTT $4,000 TO TIE CREDIT OF
KERsHAw CO.
yesterday morning. When c. J. Kershaw left
with Wiltshire, d. W. irwin, HOyt, Cashier DeWar,
C. B. Eggleston. and several or the directors. there
posed, to his check He hurried down to the ONCE
OF armour & Co, and there told p. D. Armour OF
his position and his ability to stand up to every
O'Clock, when he went into Armours ONCE again.
that he was told that his checks were being thrown
out by the American Exchange Bank. He went
out OF ArmourS like shot to ascertain the trouble
The trouble was that Immediately after Kershaw
left the American Exchange Bank, end when
Wiltshire produced the $500 900 to GO, as he sup
posed to the credit OF KerShaw, Irwin & Co., Green
Co demanded half OF it. President Irwin is the
senior partner in this house, and had this advan-
tage that he could credit the money as he was
disposed to- When kerShaw's check for 5000 600
from the clearing house went down for certifca-
ton 1t was thrown out. Some big checks had
however, gone through all right before. Among
them were checks to schwartz, Dupee & Co., p. b
Weare 4 CO, and q few others, aggregating per-
haps $15O, 600. SO that Kershaw'S promises were
made In good faith. II 1t had not happened that
the president OF the bank was also an applicant
for many more margins Kershaw's checks would
have been certified.
ARMOUR SAYS IT Is ALL RIGHT
Armour said this morning: "The amount of loss
to this market Is not nearly SO heavy as some OF
the unfortunate ones are claiming. There were
more losses on the advance, tor when this clique
was advancing the market, we, who were strad-
died out between the different markets paid out
our money. But most Of the failures SO far an
n0unced were OF men who were broke before this
payment, and who were simply waiting for good
excuse. They have been thus for twelve months,
some or them. Nobody can lose money on Ker-
shaw, for he is margined way down. He tells me
this, and know he would not lie TO me. He would
have gone through yesterday II there had not been
q muddle at the bank. offered Tx for half
million bushels OF wheat to q bank yesterday
cents, and the bank would not sell It. The banks
olloo tnovt nj no vna,ldh toon